Global Vegan Food Market: Market to reach USD 33.5 billion dollar by 2027, Aided by the rising demand for diary alternatives.

Published Date: 03/05/2021

The global Vegan Food market size was valued at USD 18.5 billion in 2020 and is expected to reach USD 33.5 billion by 2027, registering a CAGR of 8.9 % from 2020 to 2027. Increased awareness of the advantages of a vegan diet is the main factor for this market's development. In specific, a big number of vegan populations are found in North, Europe, and Asia-Pacific.
Consumers have been actively participating in various physical activities due to rise in awareness about the benefits behind indulging in such programs or activities. This has triggered the demand for various health oriented products no matter it is food & beverages, apparels or footwear. Taking this consumer trend into consideration, vegan food manufacturers have been strategizing on coming up with product that caters to the requirement of target customers. Thus rise in health and wellness trend among the target customers have been driving the growth of global vegan food market in terms of value sales.

Increasing awareness of animal health and animal cruelty in the food industry was an incentive to move individuals from animal to herbal food. From 2012 to 2017, the demand for meat free meals increased by 987 percent, according to The Vegan Society. This means that the product is rising quickly worldwide. The United States, Australia, United Kingdom, New Zealand, Sweden and Canada have the largest vegan population in the whole globe, as do Israel, Ireland, Austria and Germany. One in three Americans has stopped consuming meat in the last few years, or decreased it. Meat consumption decreased substantially in 2017 in Sweden.

The consumer base in this sector has improved the understanding of the multiple health advantages provided by vegetable food products. Plant-based goods contribute to maintaining blood pressure and reducing the risk of heart illness, stroke, prostate, colorectal, cholesterol and premature death.

According to the World Health Organization, around 30% to 70% of the individuals in the European Union countries are overweight. UK has emerged to be the largest market of meat substitutes in the region, owing to the prevalence of highest level of obesity. Moreover, other countries in Western Europe such as Germany and France have emerged to be major markets of meat substitute food owing to increase in health awareness and growth in adoption of vegetarianism. Thus, the surge in demand for meat substitute products is expected to drive the vegan food market growth in Europe.